The project closing phase is as significant and impactful as the Initiation, Planning, Executing, and Monitoring and Controlling phase. The impact of project closing can be extensive, both to the project and to the organization. The key benefits of this process are the project or phase information is archived, the planned work is completed, and organizational team resources are released to pursue new endeavors.The project manager should go over every plan/timeline to make sure there was nothing skipped. It is also important to follow the project closure procedure the company requires. The ultimate goals / plan of the project need to be compared with the actual outcome and assessed as to the quality, accuracy, and speed at which it was achieved. Make sure that all documents are completed and up to date. Ensuring that all costs are charged to the project and closing the project accounts. The project staff should also agreed that the project is completed .It is important that lessons learned during the project are formally completed in the project closure phase, before the project team is assigned to other projects, or relieved